KBank launches K PLUS overseas funds transfer feature

Kasikornbank (KBank) has introduced K PLUS, a new feature that allows customers to make overseas funds transfer with ease anywhere with no support documents required.

The company said in a press release on Thursday that recipients get a full amount of funds with no deduction, from real-time to within three business days (T+3) depending on destination countries.

Aside from inexpensive fees, senders get an alert of the funds transfer result, the press release said.

Customers may make funds transfer up to US$49,999 (Bt1.5 million) per transaction daily with no minimum amount required for six currencies available to 20,000 banks with 77,000 branches in 24 countries worldwide. Special promotion of no transfer fee is offered to customers from May 15 to July 15, 2019.

Silawat Santivisat, KBank Senior Executive Vice President, said that KBank is always determined to develop financial products and services with the application of digital technologies for the optimum benefit of our customers. To this end, we have introduced international funds transfer via K PLUS as a new dimension for retail funds transfer.

In 2018, overseas funds transfer amount topped Bt650 billion, with more than 8 million transactions conducted. Of this, Bt150 billion or 450,000 transactions were made via KBank.

This time, KBank has collaborated with leading FinTech partners to develop a feature for overseas funds transfer to facilitate over 10.7 million K PLUS users and address their common problems such as inability to know the exact amount of money and time of funds received, requirement for them to visit a bank branch and documentation for money transfer as well as expensive fees.

The new feature targets customers wishing to make overseas funds transfer for goods payment, expats working in Thailand and parents with children studying abroad. The amount of funds transfers by these groups of customers is not high or around Bt100,000-200,000 per transaction.

At present, customers can transfer funds overseas via K PLUS in six currencies, namely, USD, GBP, HKD, SGD, AUD and EUR to more than 20,000 banks with 77,000 branches in 24 countries worldwide.

KBank has planned to increase the number of currencies and destination countries in the next phase of service. Customers can transfer up to US$49,999/transaction/day without any minimum requirement.

Funds can be transferred for one of five objectives: merchandise payment, consultant’s fee, students’ expenses, income repatriation by workers and remittance to family members with permanent residence overseas.

The customers can use this service only when their K PLUS is updated to the latest version. To promote the use of overseas funds transfer service via K PLUS, KBank will not charge any fee from May 15 to July 15, 2019.